USAA survey finds Americans struggle to save

A USAA Bank survey finds many Americans are having troubling saving money — regardless of how much they make.

USAA reported that 51 percent of 1,007 U.S. adults surveyed said they are not able to regularly save no matter their income level. By gender, 55 percent of women and 46 percent of men said they are not able to regularly save.

The survey also found that 68 percent of respondents have reviewed bills and services to look for ways to reduce costs. Twenty-one percent have consolidated loans to lower payments and 15 percent have refinanced their mortgage.

When needing funds to pay for unexpected expenses, 35 percent said they have been compelled to borrow money from family and friends. Half of those surveyed have sought additional work to pay for unexpected expenses, while 23 percent have sold personal items.

To help meet savings goals, USAA recommends reviewing routine bills, refinancing mortgage and auto loans, trading down to a less expensive car or selling a vehicle, and conducting research to find low-interest credit card or one that offers cash-back rewards.